Please describe the goal of your initiative; outline what you are trying to achieve
I want to change the role of the traditional MFI and traditional finance structure to provide better solution to the needs of the people who want to establish business and want to run it successfully but they don't have access to finance or market. The idea will make the repayment and disbursement process efficient, introduce the business advisory, supply chain management and selling agent role of the MFI. It will for the benefit of all and not a few individual will benefit but the whole community will be empowered. Economic empowerment will destroy the root cause of the social evils in the society.
Which barrier(s) to financial inclusion does your solution seek to address? (select all applicable)
Physical and other accessibility obstacles that prevent communities from reaching financial services, The lack of affordable financial products tailored to the needs of underserved and excluded communities,, Powerful incentives for financial service providers to move up-market.
If you selected 'other' above, please specify which other barriers to financial inclusion you solution seeks to address:
For which underserved or excluded communities will your solution create access to valuable, affordable, secure and comprehensive financial services?
Financial service will be provided to the rural and under privileged people who do not have an access to finance and there are no banks working in their areas. The women are not allowed to work outside, go to the market to sell their products or establish shops in the markets. Both Men and Women who do not have access to the efficient transport services to transport their products to the market where a fair price of their products can be obtained. Most of the women and men in the rural areas have never been to the market in the cities and do not exactly the worth of their products. The rural people have the ideas and skills to work but normally don't the business and commercial awareness.
Could your solution work in other geographies or regions? If so, where?
Yah, my solution can work all the rural areas far from the major cities whether it is in Asia, Africa or Latin America. As the problem of the interest is removed so it will be very successful in the poor Muslim conservative like Afghanistan, Somalia, Yemen, Iran, Iraq, Syria , Libya, Pakistan etc. In African and Latin American countries where most of the work is done by the women the system will efficiently provide solutions to all their problems.
If your solution is dramatically successful, how will things be different in 10 years?
The people and especially women in the rural areas will be economically empowered. It will remove the problem of the communities who are always waiting for the grants instead it will increase awareness about the business and the poor people of the rural will participate in the economic development of the poor African, Asian and Latin American countries. If implemented in all the rural areas especially those areas in India about 100-500 million will benefit from this solution. It will help in decreasing the dis parity in the incomes of the poor and rich of the country. The economic empowerment will help in destroying the social evils in the society. The human rights violations and discrimination will be significantly reduced and every member of the community will be considered as equally valuable for the community development and prosperity.It will help in the development of the new ideas, new markets and new products. In short the world will be a better place.
What will have had to have changed to make this happen?
The awareness level of the clients need to be raised. The staff should be trained so that they can evaluate the business opportunities and advise the clients to the best of their knowledge. The Board of directors of the institution need to be convinced as MFI is entering into an area in which they have very limited experience like logistics, Marketing and Selling the products. The idea of partnering with the clients should be conveyed to the clients in an effective way so that they don't get offended by too much involvement of the MFI.
What has been the impact of your solution to date?
The idea is yet to be implemented and is in idea form. Once implemented it will have significant impact on the society.
What is your projected impact over the next five years?
In next 5 years I expect 6,000 will be working with us. I hope that 4,000 people will think of benefit from the community business union. In average each business will have 10 person each so we will have 400 new businesses and training institutes. Each person is associated to 5 dependents so it will benefit 20,000 people directly. It will improve the security situation as all these people will be against any activity which is barrier in any way to their business. It will improve the status of the women in the society and she will be the bread earner for her family.The distance between the cities and rural areas will be reduced due to the efficient supply chain management.
What barriers might hinder the success of your project? How do you plan to overcome them?
Selling the idea of the solution to the clients will be a bit difficult as they may get offended by too much involvement of the MFI. Effective communication should be done.
Convince the Board to enter into a more risk and new market.
MFI staff may not be able to grasp the whole picture so training and mentoring should be provided to them.
Telecom network might not entertain our customers at some times so formal agreement should be done with the operator.
The MFI store may not compete with the already established super stores in the city. Aggressive advertisement and telling people about their social responsibility to the community will overcome this problem.
There must be a relationship based on trust between MFI and business union. Trust should be build by MFI.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Involve at least 100 people in the process, establish at least 10 business unions and connect them with supply chain.
Now think bigger! Identify your 12-month impact milestone
Establish at least 50 business union including at least including 500 people. The market place start selling the products.